EOS USD Medium-term Trend: Ranging
Supply levels: $18.6, $18.4, $18.2
Demand levels: $17.4, $17.6, $17.8
Yesterday, March 8, the EOSUSD pair was in a ranging market. The pair moves horizontally in between the resistance level at $20 and the support level at $16. The pair has a choppy price action which makes trading difficult. For a breakout trading, either the US dollar or the asset must be strong to be able to come out of this ranging market. However, the asset is currently trading at $17.84. Today, the EOSUSD pair is still in a ranging market.
All the variables are still the same against the previous day. The price change is insignificant. Meanwhile, the relative strength index period 14 is level 47 which indicates that the asset price is in the range-bound zone. If the price will continue in the range-bound zone, then we can adopt a range-bound market strategy. Unfortunately, this asset cannot be traded because of its choppy price action.
The price is not evenly apart between the resistance level and the support level.
EOS USD Short-term Trend: Ranging
The daily chart shows EOS in a ranging market.The 20-day moving average is above the 50-day moving average indicating that the asset is rising and is trending northward.
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